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2024-12-31-accounts

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Consolidated Financial Statements For the year ended 31 December 2024 Charity no: 1200677

Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Index to the Financial Statements

Page
Reference and Administrative Details 1
Annual Report of the Trustees 3
Trustees’ Responsibilities in relation to the Financial Statements 14
Independent Auditors’ Report 15
Consolidated Statement of Financial Activities 19
Consolidated Balance Sheet 20
Carlisle Cathedral Balance Sheet 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23

Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

REFERENCE AND ADMINISTRATION DETAILS

Title: Cathedral Church of the Holy and Undivided Trinity of Carlisle Registered Office: The Cathedral Office West Walls CARLISLE CA3 8UF Charity number 1200677 Working name Carlisle Cathedral Members of Chapter: The Dean: The Very Reverend Jonathan Brewster Residentiary Canons: The Reverend Canon Dr Benjamin Carter – Canon Warden The Reverend Canon Michael Manley – Canon Missioner ( resigned 26[th] October 2024) Lay Members : Canon James Spedding – Senior Non-Executive Member Canon Alan Johnston – Canon Treasurer Canon Alison Clarricoats The Revd Canon Ruth Crossley Canon Trevor Hebdon Advisers to the Chapter: Operations and Finance: Chief Operating Officer Mrs Edith McColgan Mrs McColgan also fulfilled the role of Chief Financial Officer until 10[th] June 2024 Head of Finance Mrs Victoria Farish (appointed on 11[th] June 2024) Audit & Risk Committee: Canon Simon Harper (Chair) Mr Charles Proctor Canon Trevor Hebdon Canon Alan Johnston Finance Committee: Canon Alan Johnston (Chair) Mr Myles Thompson The Reverend Canon Dr Benjamin Carter Mrs Alison Welton Mr Paul Agnew (appointed 12[th] June 2024) Nominations Committee: Canon James Spedding (Chair) Canon Alison Clarricoats The Reverend Canon Dr Benjamin Carter Mrs Clare Hansford Fabric Advisory Committee: Mr Charles Blackett-Ord (Chair) The Reverend Canon Peter Cavanagh Mrs Janaki Spedding The Reverend Canon Christopher Morris

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

(retired 28[th] May 2024) Mr Humphrey Welfare Dr Howard Coutts Surveyor to the Fabric: Ulrike Knox Knox McConnell Architects Ltd 24 Victoria Road Saltaire BRADFORD BD18 3JR Cathedral Archaeologist: Mr David Heslop Auditors: Dodd & Co Audit Limited Chartered Accountants & Registered Auditors FIFTEEN Rosehill Montgomery Way Rosehill CARLISLE CA1 2RW Bankers : The Royal Bank of Scotland Drummond House 1 Redheughs Avenue EDINBURGH EH12 9JN Investment Managers: Rathbones Investment Management George House 50 George Square GLASGOW G2 1EH CCLA Investment Management Ltd Senator House 85 Queen Victoria St LONDON EC4V 4ET The Charities Properties Fund c/o Cordea Savills LLP 33 Margaret Street LONDON W1G 0JD M & G Charities P.O. Box 9038 CHELMSFORD CM99 2XF Schroder Unit Trusts Limited P.O. Box 1102 CHELMSFORD CM99 2XX

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

ANNUAL REPORT OF THE TRUSTEES

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution of the Cathedral

The Constitution was adopted on 29[th] June 2022 in accordance with the Cathedrals’ Measure 2021. Registered Charity Status was achieved on 13[th] October 2022 (RCN 1200677).

Charitable objects

Under the Cathedral’s Measure 2021, the objects of the Chapter are: (a) to advance the Christian religion in accordance with the faith and practice of the Church of England, in particular by furthering the mission of the Church of England; (b) to care for and conserve the fabric and structure of the cathedral church building; (c) to advance any other charitable purposes which are ancillary to the furtherance of the purpose referred to in sub-paragraph (a) or (b). The Chapter must act for the public benefit within the meaning of section 4(3) of the Charities Act 2011 as amended by the Charities Act 2022.

The Appointment of Chapter Members

Chapter Members Appointed by The Dean His Majesty Senior Non-Executive Member (SNEM) The Bishop Residentiary Canons The Bishop Non-Executive Members Chapter with approval of the Bishop

Roles and Responsibilities

The Chapter and its Officers

The Dean is Chair of the Chapter. It shall be the duty of the Chapter to direct the overall strategy and governance of the Cathedral. The Chapter met on six occasions during the year.

The Chief Operating Officer is the Chair of the Senior Management Team and prepares the business for the meetings of the Chapter, in conjunction with the Dean, and all decisions are recorded.

The Head of Finance, along with the Chief Operating Officer, is responsible for reporting the financial activities of the Cathedral to the Chair of the Finance Committee.

Chapter members are appointed in accordance with the Constitution and Statutes. NonExecutive Members/Trustees are appointed for terms of three years and can serve a total of three terms.

Newly appointed Chapter Members receive external training through the Association of English Cathedrals (AEC) and the Charity Commission.

Chapter’s arrangements for setting the pay and remuneration of key senior staff do not differ from the arrangements for appointing all lay staff.

College of Canons

The College of Canons has the following functions: a) to discuss matters concerning the life of the Cathedral; b) to share in the ministry of worship, witness and hospitality offered in and through the Cathedral; c) to receive and note the Annual Report and Audited Accounts of the Cathedral.

The College of Canons met once during the year.

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

OBJECTIVES AND ACTIVITIES

OUR VISION

OUR PURPOSE

Praying

Cherishing

Transforming

OUR VALUES

Unity

Truth

Love

ACHIEVEMENTS AND PERFORMANCE

Following the Cathedral’s Peer Review process in late 2023, Chapter began work in the first quarter of 2024 to identify and shape a number of short-term priorities to help guide the Cathedral’s progress. The following priorities were agreed and are outlined in more detail below:

  1. To strengthen the Cathedral's offering of worship, mission and discipleship.

  2. To secure a sustainable financial model.

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

  1. To make the Cathedral a great place to work and achieve “Investors in People Bronze” or equivalent.

  2. To agree a sustainability plan for all buildings in the precinct.

  3. To strengthen the Cathedral’s connection with the City and County by:

  4. (a) Clarifying and leveraging the role of the College of Canons; and

  5. (b) Holding regular high-level meetings between the Cathedral & University of Cumbria.

Alongside these priorities, several external and internal developments also shaped our work and influenced our capacity to deliver during 2024.

There were changes within the Cathedral Clergy Team. Canon Michael Manley (Canon Missioner), who served the cathedral for two decades, took up a new post in the Diocese of Blackburn. The Revd Dr Belinda Stanley (Assistant Curate), who offered valuable pastoral and liturgical support moved to a new post at Hereford Cathedral. The contribution of both is greatly missed. We are thankful for the support of members of the College of Canons and retired clergy who generously supported public worship during 2024.

In December 2023, the Crown Nominations Committee were unable to appoint a Diocesan Bishop resulting in an 18-month vacancy. During this period the newly appointed Dean supported the Bishop of Penrith, now Acting Bishop of Carlisle, the Rt Revd Robert Saner Haigh, through active participation in the Bishop’s Leadership Team and other areas of Diocesan leadership.

Along with all other Cathedrals and Dioceses in the Church of England, the independent safeguarding group INEQE conducted a safeguarding audit of the Cathedral. This involved the preparation of a comprehensive submission in Autumn 2024 and significant preparatory work ahead of their visit in January 2025.

1. To strengthen the Cathedral's offering of worship, mission and discipleship.

Worship remains central to the life of the Cathedral. Throughout 2024, clergy, vergers, the music department, and dedicated volunteers upheld the high standards of regular worship, maintaining three services daily.

The Cathedral welcomed an increased number of special services, including the installation of the new Archdeacon of Carlisle, the 30[th] anniversary of women’s ordination, the 50[th] anniversary of Cumbria County, and a celebration for Parish Safeguarding Officers. Regular military services continued, including the regimental and Battle of Britain services, as well as a commemoration of the 80[th] anniversary of the Arnhem campaign. Easter and Christmas services remained key highlights, with attendance levels returning to pre-pandemic numbers.

Daily prayer through the Offices and Eucharists has sustained Sunday worship, including the main Cathedral services and the All-Age Celebration, now led by volunteers following the Canon Missioner’s departure. Music remains integral to this rhythm, with contributions from the Cathedral choirs.

Cathedral Choir

The year began with the traditional Choristers’ Christmas Party, funded by the Carlisle Cathedral Choirs’ Association. In January, the choir bid farewell to four boy choristers, followed by the departure of five Year 8 girl choristers in the summer. The choir continues to evolve, with new Year 4 choristers formally admitted in September. We were awarded grants from the

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Cathedral Music Trust and Edington Music Festival Association, and The Williams Church Music Trust, for chorister singing lessons over two years starting in September. We also received a number of donations specifically for our music programme and, at the end of 2024, we had 20 chorister sponsors. The Friends of Carlisle Cathedral supported the organ scholarship.

Performances included Stainer’s The Crucifixion during Holy Week, a Summer Concert, and the Hadrian’s Choirs’ Festival in Hexham. At Christmas, two rebranded Carols by Candlelight concerts were both musical and financial successes.

Cantate

The Cantate Children’s Choir remains strong with around 35 members, benefiting from Outreach School recruitment. Their performance at the Crib Service was a highlight, and they now sing in all Plus Eucharists. Outreach concerts continue with schools booking two years in advance, with reservations already made for 2026.

Consort

The Consort expanded both in numbers and musical proficiency, incorporating former choristers and new members alike. In the summer, they sang evensong at Irton and bid farewell to four long-serving members, including two who had sung for over 22 years. A former member secured a Choral Scholarship at King’s College, Cambridge, joining their worldfamous choir in September.

Beyond these missional activities, we continued to develop the Cathedral engagement programme. We secured £9,400 from the UK Government through the Shared Prosperity Fund for our Rest Under the Stars: A Cumbrian Journey . This project has continued in partnership with local inclusive arts charity, Prism, since 2022 with a tour to communities across West Cumbria, offering a creative approach from which the history and heritage of the iconic building of Cumbria’s only cathedral would act as an inspirational beacon to encourage Cumbrian residents to record and depict in sound and art their stories of journeys and rest through their lives.

2. To secure a sustainable financial model

Strong financial management and another excellent performance from Carlisle Cathedral Enterprises Ltd contributed to a very satisfactory outcome for 2024.

Despite this, the Cathedral was not immune from increasing costs, particularly in utilities and ongoing building maintenance, challenges shared by similar organisations. These pressures underscore the importance of robust financial planning and careful budget management.

To support long-term sustainability, we continue to seek new sources of income, including funding from grant-making trusts and expanding our commercial and events programme. The Christmas Tree Festival was a notable success bringing many visitors to the Cathedral with a positive effect on income. This was made possible thanks to funding from the Cumberland Council Community Fund and festival sponsorship from A.W. Jenkinson Forest Supplies.

Visitor numbers have grown throughout the year, and we are optimistic that this upward trend will continue helping to boost gift income and revenue from the café and shop.

Our Finance Committee and Audit and Risk Committee continue to provide oversight, scrutiny and challenge in financial matters, ensuring that all financial activity and areas of risk identified under our risk management framework are robustly managed.

Looking ahead, our financial forecast for 2025 remains challenging. Rising costs persist, and our focus remains firmly on prudent financial management, growing existing income streams

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

and actively seeking new sources of income to ensure the Cathedral’s financial sustainability for the future.

3. To make the Cathedral a great place to work and achieve “Investors in People Bronze” or equivalent

In late 2024, the Senior Management Team, with support from Chapter, appointed Realise HR, a multi-award-winning consultancy based in Cumbria, to work with our staff across all teams to better understand how we can all work together to deliver the mission and vision of the Cathedral.

In addition to the regular monthly staff meetings and the annual staff INSET Day, we have continued to introduce more opportunities where staff can ‘get together’ in an informal way. Examples include staff taking part in the ‘Give a Day’ initiative where staff gave a morning to work together on a community garden project at the Tullie House Museum. In 2025 we will continue the roll out of the process of regular staff supervision and annual appraisals.

4. To agree a sustainability plan for all buildings in the precinct.

Throughout 2024, significant work has been undertaken to enhance and maintain the fabric of the Cathedral buildings and precinct. These efforts have focused on improving infrastructure, accessibility, and the long-term sustainability of key properties within the Cathedral estate. Whilst much has been achieved, we are constantly aware of the resource implications of delivering such wide-ranging fabric measures and in that light are equally focussed on ensuring future income streams deriving from these improvements.

Drainage and Surface Improvements

In July, essential work was carried out to replace the damaged drainage system running from the Cathedral towards Paternoster Row. With the completion of this project, we were able to address long-standing issues with the CEDEC surface in the café cloister area. The unsatisfactory surface was replaced with Chapter-approved gravel.

Quinquennial

The Surveyor to the Fabric conducted a Quinquennial Inspection of the Deanery ensuring ongoing maintenance and planning.

Floodlighting

The new floodlighting scheme was installed during 2024 and officially launched in very early 2025. Funded by the UK Government, this is the first of the Carlisle Town Deal schemes to be completed and features the latest in energy-efficient LED technology. It will highlight the Cathedral and Fratry as prominent landmarks. The new scheme allows for creative and dynamic lighting with changing colours and scenes.

Prior’s Vault Room

During the Autumn, this ground-floor room was cleared and redecorated including a new carpet and lighting and efficient heaters installed. This was partially funded by the UK Government via the Cumberland High Council’s High Street Building Grant scheme. It can now be used as an equal access space for events and meetings.

Fratry Hall improvements

The developments have equipped the Fratry building with modern facilities and resources, which includes a refurbished area behind the Fratry Hall that provides a green room and changing space for performers and speakers, the installation of a high-quality audio system to support cultural engagement and the resource provision for high-quality exhibition boards for

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

use within publicly open spaces. All this was possible thanks to funding from the UK Government via the Shared Prosperity Fund.

LED Feasibility Study

An audit of LED lighting across all buildings in the Cathedral precinct was undertaken in early 2024, which highlighted the continued use of halogen bulbs in some areas of the Cathedral building. A grant of £2,500 was secured from the Carlisle Diocese Parish Property Fund for undertaking a feasibility study to convert the existing halogen system with LED technology. The positive outcome of the feasibility study led to the securing of £150,000 from the Church Commissioners’ Net Zero Cathedrals Demonstrator Fund to demonstrate the possibilities of converting and upcycling existing infrastructure to LED technology.

The work undertaken in 2024 reflects a commitment to preserving the Cathedral’s heritage while ensuring its continued functionality and sustainability. Through careful planning and strategic investment, the Cathedral precinct is being enhanced for both current and future generations.

5. To strengthen the Cathedral’s connection with the City and County by:

(a) Clarifying and leveraging the role of the College of Canons:

With the departure of Canon Michael Manley (Canon Missioner) and The Revd Dr Belinda Stanley (Assistant Curate), members of the College of Canons, along with other retired clergy, have played a pivotal role in providing cover for daily Eucharists and other liturgical cover. We are especially grateful to The Revd Canon Peter Clement, The Revd Canon Ruth Crossley, The Revd David Jago, The Revd Canon Jim Hyslop, The Revd Canon John Higgins and The Revd Eric Robinson who have given time to cover services during the vacancy period.

As Honorary Canons, the College pray for the life of the Cathedral, attend an annual Chapter meeting on the Friday after Ascension Day and help to lead our midday Eucharists throughout the year. They serve as ambassadors for the Cathedral in the Diocese and we are grateful for the time and prayer they offer.

(b) Holding regular high-level meetings between the Cathedral & University of Cumbria

During 2024, in addition to holding regular graduation ceremonies, senior members of the University of Cumbria have been in discussion with the Dean and Canon Warden about further collaboration and partnership. In September 2024 the University Chaplain, The Revd Caroline Kennedy, was seconded to the Cathedral for one day a week to discover ways in which the University and Cathedral could further interact. The Canon Warden sits on the Board of the University of Cumbria.

Plans for the coming year and beyond:

Strategic Planning and Vision

The new Vision will take into account the Peer Review process at the start of 2024, the INEQE Audit recommendations, which will become available in the first quarter of 2025, and the results of a Senior Management Team Away Morning to help shape the Vision.

We take our Augustinian values seriously and want to work from a place of rest encouraging prayer and pilgrimage and a culture where everyone is enabled to flourish.

Staffing and Capacity

The start of 2025 will see the Cathedral take forward the report and recommendation received from the staff engagement piece being carried out by Realise HR.

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

We look forward to strengthening our staff team by welcoming our new Precentor, Canon Peter Gunstone from Bradford Cathedral. His licensing service will take place on Trinity Sunday at 3.00pm.

Funding was secured in late 2024, from the Church Commissioners’ Cathedral Sustainability Fund, to appoint a full-time Visitor Experience Manager to lead on achieving and sustaining high-quality experiences for all our visitors, and also a part-time HR Officer to support the current HR function. Funding was also secured from The John Pilling Trust to support the role of Organ Scholar for two academic years starting in September 2025.

As part of our Vision, we also hope to secure funding from the Cathedral Sustainability Fund to appoint two new posts in 2025. A Director of Development will develop and lead on the strategic development of the Cathedral’s non-commercial income generation. A Head of Collections will manage the care and access of our rich collections. Both of these roles are crucial for the Cathedral’s long-term sustainability.

Fabric

The care of the Cathedral’s Fabric remains an ongoing challenge. Chapter plans to focus on a number of areas in 2025.

Organ

Over several years, the Cathedral Organ has become increasingly unreliable and is now in need of a major overhaul. The Reverend Canon Nicholas Thistlethwaite produced an initial report for us on the current state of the organ and a way forward, in his capacity as organ adviser. The project has gone out to tender, and discussions are ongoing, with potential funding being sought for these extensive repairs.

LED Lighting in the Cathedral

The securing of funds from the Church Commissioners’ Net Zero Cathedrals Demonstrator Fund and the Carlisle Diocese Parish Property Fund means that we are able to undertake a capital works project in the Cathedral building during 2025. This project will transform the lighting provision within the Cathedral, converting the remaining halogen light scheme and upcycling the existing infrastructure to LED technology.

Master Plan

We are working toward the production of a fabric masterplan for the whole precinct, with particular focus on empty properties. We also hope to secure funding to support the production of digitised plans for all of the precinct properties as part of this initiative.

St Mary’s Car Park Development

Considerable thought has been given to the future of the St Mary’s Car Park site, located near the Cathedral entrance. This site had been temporarily licensed by the Council for use as a car park during the Fratry Project. In consultation with Michael Guy from the Heritage Trust for the North-West, it was advised that greater efforts should be made to generate income from under-utilized areas within the Cathedral precinct. St Mary’s Car Park presents a viable opportunity for such a purpose, provided that the necessary permissions are granted, and appropriate funding secured.

Safeguarding

In the area of safeguarding, we will be working with the Diocese of Carlisle to implement the recommendations of the INEQE audit which will be published in early 2025. This will allow the Cathedral to continue to maintain the highest safeguarding culture working with the Church of England National Safeguarding Standards. This will be supported by the full integration of the

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Cathedral’s safeguarding case work with the National Safeguarding Case Management System.

Statement of public benefit

As a Cathedral of the Church of England the Chapter’s statutory responsibility under the Cathedrals’ Measure 2021 is to be the seat of the Diocesan Bishop and a centre of worship and mission and to provide a focus for the life and work of the Church of England in the Diocese. The Chapter report explains how Chapter provides a benefit to the public through its support towards the Bishop and the Diocese’s “God For All” strategy which is shared by three other Christian denominations representing the ecumenical county of Cumbria; its provision of worship, pastoral and outreach activities for the people of Carlisle and beyond, and the welcome, hospitality, music and increasing range of activities and events provided for all the Cathedral’s visitors throughout the year. In setting the Cathedral’s objectives the Chapter has paid due regard to the guidance set by the Church Commissioners and the Charity Commission.

Audit and Risk Committee - Report from the Chair

On an annual basis the Audit and Risk Committee is required to prepare a review of the Audit and Risk Committee’s work.

The Committee met 3 times in the year ended 31[st] December 2024. Discussion topics included the following:

Principal risks and uncertainties

Whilst the responsibility for building a robust Risk Management Framework remains entirely with Chapter, the Audit & Risk Committee brings an additional and very important layer of oversight. During the year Chapter, with scrutiny and input from the Audit & Risk Committee, continued the review of the new Risk Management Policy and continued to evaluate and refresh the Risk Register with regard to the key risks being faced by the Cathedral.

As identified within the Risk Register, there are a number of risks and uncertainties faced by the Cathedral and, at the time of this report, there were three risks where the implementation of additional control measures is being progressed to further improve the management/mitigation of the risk and to ensure that the risk is within the desired risk appetite. These represent the highest net risks identified during the year:

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Within the overall Risk Management Framework, the Committee has acknowledged that certain risks, by virtue of their nature, will always be regarded as high risk; however, it remains a key objective that these risks are managed and mitigated in a controlled manner.

Progress of the above is reviewed by both Chapter and the Audit & Risk Committee on a regular basis, alongside the periodic monitoring and re-assessment of each of the identified risks in line with the Risk Management Policy, whilst the Senior Management Team holds Chapter-delegated responsibility for day-to-day risk management arrangements.

Finance Committee – Report from the Chair

We were delighted in the summer of 2024 to appoint a new Head of Finance. This role had been vacant for 18 months and its successful appointment was crucial in order to allow our Chief Operating Officer to focus on the Cathedral’s strategy and development for the future. We are also thankful to the Benefact Trust for supporting the staffing of our events team for one year from September, to ensure better capacity to maximise the potential of the Cathedral and the new and renewed spaces within the precinct for commercial operations and delivery.

The Finance Committee met six times during the year ended 31[st] December 2024. Discussion topics included:

Financial review

The Chapter originally budgeted for a deficit of £133,380, excluding the distribution from CCEL. The Chapter accounts for the year ended 31[st] December 2024 show a net surplus in the Common Fund of £112,377 including a distribution from CCEL of £147,284, and before considering unrealised gains or losses, and without taking into consideration income and expenditure on major projects, including the Fratry Project.

Group Incoming Common Fund resources amounted to £1,291,886 (2023 £1,234,094).

Regular sources of income including congregational giving, investment income, property and Gift Aid from visitor donations continue to come under pressure, reflecting the challenges that Chapter faces in achieving sustainable income streams. More visitors are choosing to donate to the Cathedral using electronic means such as Goodbox and other online platforms that have been set up this year.

Total group Common Fund resources expended amounted to £1,179,509 (2023 £1,109,160). Chapter continues to seek efficiency savings throughout its operations, which were notably achieved in the Cathedral. Expenditure on music is also being rigorously managed. Chapter will develop a long-term funding plan for music in order to sustain the Choir into the future and support its development.

Carlisle Cathedral Enterprises Limited accounts for the year ended 31 December 2024 show a profit before tax of £146,789 (2023: £119,140). Turnover amounted to £732,464 (2023: £598,507). This has resulted in a donation of £147,284 (2023: £118,021) to Chapter this year.

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Overall, there has been a surplus this year of £225,957. This is made up of the following:

Common
fund
Bequest
Abbey
Propertie
s
Fabric
fund
Net
surplus/deficit
112,377
1,479
8,100
43,120
Unrealised
gains/losses
4,504
3,700
4,364
314
Transfers
45,428
-
-
-
162,309
5,179
12,464
43,434
he cash balances held by each of above funds is:
Common
fund
Bequest
Abbey
Properties
Fabric
fund
Cash
held
782,035
124,912
191,663
181,415		 Other
funds
Fratry
fund
Endowm
ent funds
44,904
(30,040)
(1,603)
1,080
-
33,658
(45,428)
-
-
556
(30,040)
32,055
Other
funds
Fratry
fund
Endowment
funds
205,616
41,107
432,407		 Total
178,337
47,620
-
225,957
Total
1,959,155

The cash balances held by each of above funds is:

Chapter is able to fund the forecasted deficits from reserves built up over previous years. We are working hard to return to a balanced budget as soon as possible and rebuild our reserves to ensure the future financial stability of the Cathedral. Central to this will be our plan to optimise the market opportunities arising from the Fratry re-development and build important new income streams, without which the Cathedral is not likely to become financially sustainable.

Fundraising standards information

The charity does not hold any agreements with professional fundraisers or commercial participators.

Remuneration of key management personnel

Chapter determines the remuneration of the Chief Operating Officer, whose performance is reviewed by the Dean. The remuneration of senior staff is determined by Chapter on the advice of the Chief Operating Officer, who reviews their performance. Pay is set with regard to the pay of equivalent roles in English cathedrals of similar standing.

Investment policy and performance

Chapter’s investment objective is to create sufficient income and capital growth to enable the Chapter to carry out its purposes consistently year by year with due and proper consideration to future needs and to maintain and enhance (where possible) the invested funds.

Investments held by the Chapter were managed and split between CCLA Investment Management Ltd, Schroders, M&G Charity funds and Rathbones Investment managers; and follow ethical investment guidelines. During the year all investments were moved to be managed by Rathbones.

Reserves Policy

Chapter holds unrestricted free reserves to manage financial risk, secure the preservation and management of its assets, and to ensure the fulfilment of its mission.

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Unrestricted free reserves are held so that financial commitments are met as they fall due, optimal investment in the fabric of the Cathedral and its surrounding property is made, and to protect against uncertainties in its future income levels.

Chapter assesses that the Cathedral’s need for reserves will fluctuate depending on its financial position and the assessment of the risks faced at any one time. This Reserves Policy will, accordingly, be reviewed on an annual basis. Chapter’s present policy is to hold unrestricted free reserves of at least 6 months’ operating costs or £389,908.

This threshold has been set by Chapter following an assessment of the following factors:

The level of unrestricted reserves held in Chapter only as at 31st December 2024 were £1,940,872 of which £191,530 are designated for property repairs; £110,000 is designated for future works, £107,188 held as fixed assets, £796,407 held as investments, £663,366 held as cash to be reinvested resulting in £72,381 of free reserves.

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Statement of responsibilities of the Trustees

The Cathedrals Measure 1999 and the Care of Cathedrals Measure 2011 are the two principal pieces of legislation which govern cathedrals. The Cathedrals Measure 2021 further governs Carlisle Cathedral since it registered as a charity with the Charity Commission.

The trustees are responsible under requirements laid down by the Church Commissioners under the powers given to them by the Cathedrals Measure 2021 and in accordance with applicable law and United Kingdom Accounting Standards for:

On behalf of the Trustees:

____ ______

Dean of Carlisle

Treasurer of Carlisle Cathedral

Dated: 13 May 2025

Dated: 13 May 2025

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Report of the Independent Auditors to the Cathedral Church of the Holy and Undivided Trinity of Carlisle

Year ended 31 December 2024

We have audited the consolidated financial statements of the Cathedral Church of the Holy and Undivided Trinity of Carlisle for the year ended 31 December 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity Balance Sheet, the Consolidated Cash Flow Statement and the related notes. These financial statements have been prepared in accordance with the accounting policies set out therein.

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Cathedral in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to the events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of the report.

Other information

The members are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to

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Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Cathedrals Measure 2021 and Charities Act 2011 as amended by the Charities Act 2022 requires us to report to you if, in our opinion:

We have been appointed auditor under section 27 of the Cathedrals Measure 2021 and the Charities Act 2011 as amended by the Charities Act 2022 and report in accordance with that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material, if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorresponsibilities. This description forms part of our auditors report.

Responsibilities of the members

As explained more fully in the statement of responsibilities set out on page 14, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

16

Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in relation to management override which, in common with all audits under ISAs (UK), we are required to perform specific procedures to respond to this risk.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered this context included the Cathedrals Measure 2021, the Cathedral SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

As a result of performing the above, in response to the risks identified, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

In addition to the above, our procedures to respond to risks identified the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

17

Cathedral Church of the Holy and Undivided Trinity of Carlisle Year ended 31 December 2024

Use of this report

This report is made solely to the Trustees of Carlisle Cathedral, as a body. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Trustees as a body, for our audit work, for this report or for the opinions we have formed.

Dodd & Co Audit Limited

Chartered Accountants & Registered Auditors

FIFTEEN Rosehill

Montgomery Way

Rosehill Estate

CARLISLE

CA1 2RW Dated:

Dodd & Co Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

18

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Consolidated Statement of Financial Activities

for the year ended 31 December 2024

Notes
Income from
2
Donations and legacies
Grants
Other trading activities
Investments
Other
Total income
Expenditure on
Raising funds
3
Charitable activities:
4
- Ministry
- Cathedral and precincts upkeep
- Education and outreach
Other
4
Total expenditure
Net income before gains / (losses)
on investments
Net gains / (losses) on investments
Net income / (expenditure)
Transfers between funds
Net movement in funds
Funds brought forward
Funds carried forward		 Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
29,863
316,425
-
346,288
383,020
117,623
-
500,643
-
604,965
-
604,965
37,569
250,911
-
288,480
-
12,766
-
12,766
450,452
1,302,690
-
1,753,142
28,149
563,768
1,603
593,520
249,740
209,448
-
459,188
103,649
371,725
-
475,374
6,353
26,125
-
32,478
4,577
9,668
-
14,245
392,468
1,180,734
1,603
1,574,805
57,984
121,956
(1,603)
178,337
1,394
12,568
33,658
47,620
59,378
134,524
32,055
225,957
(45,428)
45,428
-
-
13,950
179,952
32,055
225,957
547,466
1,760,920
8,624,954
10,933,340
561,416
1,940,872
8,657,009
11,159,297
31.12.24		 Restricted
Unrestricted Permanent
Endowment
£
£
£
26,189
299,128
-
309,815
158,175
-
-
558,704
-
34,838
215,668
-
-
11,709
-
370,842
1,243,384
-
30,563
518,415
-
180,515
230,018
-
118,488
308,822
-
6,032
33,776
-
22,821
24,943
-
358,419
1,115,974
-
12,423
127,410
-
(676)
(13,051)
(17,107)
11,747
114,359
(17,107)
(63,777)
63,777
-
(52,030)
178,136
(17,107)
599,496
1,582,784
8,642,061
547,466
1,760,920
8,624,954
31.12.23		 Total
£
325,317
467,990
558,704
250,506
11,709
1,614,226
548,978
410,533
427,310
39,808
47,764
1,474,393
139,833
(30,834)
108,999
-
108,999
10,824,341
10,933,340

The notes form part of these financial statements

19

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Consolidated Balance Sheet as at 31 December 2024

Notes
Fixed Assets
Non investment assets
Property
8
Equipment and plant
8
Investment assets
Property
10
Investments
11
Current Assets
Stock
Debtors
12
Cash at bank and in hand
13
Creditors: amounts falling due
within one year
14
Net Current Assets
Total assets less
current liabilities
Creditors: amounts falling due
after more than one year
15
Provision for liabilities
and charges
16
Net Assets
Funds
17
Designated Funds
Emergency Fabric Works
LED Project
Unrestricted Funds
Common Fund
Bequest Fund
Bequest Fund - Abbey
Properties
Restricted Funds
Cathedral Fabric Fund
Music Fund
Brown and Ford Prize Fund
Chapter Discretionary Fund
Jack Dix Local Mission Fund
Other Restricted Funds
LED Project
Whitelaw Fund
Fratry Project Fund
Permanent Endowment
Rev. G Bennett Estate
Cathedral Endowment
Cathedral Property fund
Total Funds		 Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
-
-
5,219,172
5,219,172
-
118,375
-
118,375
-
-
1,860,000
1,860,000
133,510
789,407
1,226,583
2,149,500
133,510
907,782
8,305,755
9,347,047
-
29,465
-
29,465
-
145,804
-
145,804
428,138
1,098,610
432,407
1,959,155
428,138
1,273,879
432,407
2,134,424
(232)
(238,091)
(1,603)
(239,926)
427,906
1,035,788
430,804
1,894,498
561,416
1,943,570
8,736,559
11,241,545
-
-
(79,550)
(79,550)
-
(2,698)
-
(2,698)
561,416
1,940,872
8,657,009
11,159,297
-
90,000
-
90,000
-
20,000
-
20,000
-
808,480
-
808,480
-
830,862
-
830,862
-
191,530
-
191,530
250,669
-
-
250,669
217,254
-
-
217,254
1,460
-
-
1,460
41,771
-
-
41,771
6,167
-
-
6,167
4,166
-
-
4,166
(5,625)
-
-
(5,625)
4,447
-
-
4,447
41,107
-
-
41,107
-
-
594,148
594,148
-
-
1,063,239
1,063,239
-
-
6,999,622
6,999,622
561,416
1,940,872
8,657,009
11,159,297
31.12.24		 31.12.23
Total
£
5,149,172
117,919
1,930,000
3,320,571
10,517,662
31,157
126,778
554,517
712,452
(213,706)
498,746
11,016,408
(79,550)
(3,518)
10,933,340
-
-
756,171
825,683
179,066
207,235
215,506
1,427
37,396
8,721
1,818
-
4,216
71,147
585,840
1,039,492
6,999,622
10,933,340

The accounts of Carlisle Cathedral were approved by the Trustees and authorised for issue on 13 May 2025 and signed on its behalf by:

Treasurer of Carlisle Cathedral Dated: 13 May 2025

The notes form part of these financial statements

Dean of Carlisle Dated: 13 May 2025

20

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Carlisle Cathedral Balance Sheet as at 31 December 2024

Notes
Fixed Assets
Non investment assets
Property
8
Equipment and plant
8
Investment assets
Property
10
Investments
11
Current Assets
Debtors
12
Cash at bank and in hand
13
Creditors: amounts falling due
within one year
14
Net Current Assets
Total assets less
current liabilities
Creditors: amounts falling due
after more than one year
15
Net Assets
Funds
17
Designated Funds
Emergency Fabric Works
LED Project
Unrestricted Funds
Common Fund
Bequest Fund
Bequest Fund - Abbey
Properties
Restricted Funds
Cathedral Fabric Fund
Music Fund
Brown and Ford Prize Fund
Chapter Discretionary Fund
Jack Dix Local Mission Fund
Other Restricted Funds
LED Project
Whitelaw Fund
Fratry Project Fund
Permanent Endowment
Rev. G Bennett Estate
Cathedral Endowment
Cathedral Property Fund
Total Funds		 Restricted Unrestricted
Permanent
Total
Endowment
£
£
£
£
-
-
5,219,172
5,219,172
-
107,188
-
107,188
-
-
1,860,000
1,860,000
133,510
796,407
1,226,583
2,156,500
133,510
903,595
8,305,755
9,342,860
-
338,997
-
338,997
428,138
882,404
432,407
1,742,949
428,138
1,221,401
432,407
2,081,946
(232)
(184,124)
(1,603)
(185,959)
427,906
1,037,277
430,804
1,895,987
561,416
1,940,872
8,736,559
11,238,847
-
-
(79,550)
(79,550)
561,416
1,940,872
8,657,009
11,159,297
-
90,000
-
90,000
-
20,000
-
20,000
-
808,480
-
808,480
-
830,862
-
830,862
-
191,530
-
191,530
250,669
-
-
250,669
217,254
-
-
217,254
1,460
-
-
1,460
41,771
-
-
41,771
6,167
-
-
6,167
4,166
-
-
4,166
(5,625)
-
-
(5,625)
4,447
-
-
4,447
41,107
-
-
41,107
-
-
594,148
594,148
-
-
1,063,239
1,063,239
-
-
6,999,622
6,999,622
561,416
1,940,872
8,657,009
11,159,297
31.12.24		 31.12.23
Total
£
5,149,172
103,612
1,930,000
3,327,571
10,510,355
288,090
395,790
683,880
(181,345)
502,535
11,012,890
(79,550)
10,933,340
-
-
756,171
825,683
179,066
207,235
215,506
1,427
37,396
8,721
1,818
-
4,216
71,147
585,840
1,039,492
6,999,622
10,933,340

The accounts of Carlisle Cathedral were approved by the Trustees and authorised for issue on 13 May 2025 and signed on its behalf by:

Dean of Carlisle Cathedral Dated: 13 May 2025

Treasurer of Carlisle Cathedral Dated: 13 May 2025

21

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Consolidated Statement of Cash Flows for the year ended 31 December 2024

Note
Cash flows from operating activities:
Net cash provided by operating activities
23
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale of investments
Purchase of investments
Purchase of property, plant and equipment
Net cash provided by investing activities:
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Restricted
Unrestricted
Endowment
Cash on hand
Cash held to be reinvested		 2024
2023
(54,369)
(10,535)
288,480
250,506
1,304,730
6,336
(86,039)
(13,737)
(48,163)
(75,079)
1,459,008
168,026
1,404,639
157,491
554,516
397,025
1,959,155
554,516
428,138
221,733
1,098,610
332,783
432,407
-
1,959,155
554,516
708,505
554,516
1,250,650
-
1,959,155
554,516

The notes form part of these financial statements

22

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

Statement of compliance

The accounts have been prepared in accordance with the Accounting and Reporting Regulations for English Anglican Cathedrals 2018 , and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 as amended by the Charities Act 2022.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities:Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The accounts are presented in sterling, which is the functional currency of the cathedral, and rounded to the nearest pound.

The Cathedrals Measure 1999 and the Care of Cathedrals Measure 2011 are the two principal pieces of legislation which govern cathedrals. The Cathedrals Measure 2021 further governs Carlisle Cathedral since it registered as a charity with the Charity Commission.

Basis of preparation

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes

Going Concern

The Trustees have considered whether the use of the going concern basis of accounting is appropriate. To do this, they have considered whether there are any material uncertainties as to the charity's ability to continue as a going concern. They have carried out this assessment for a period of at least one year from the date of approval of these accounts.

The trustees have prepared, and keep under review, detailed budgets. As a result of this review, the members are satisfied that there are no material uncertainties about the charity's ability to continue as a going concern.

Income

Income is recognised in the SOFA when a transaction or other event results in an increase in the cathedral's assets or a reduction in its liabilities. Income must only be recognised when the criteria of entitlement, probability and measurement are met. Payments made direct to third parties which are never received by the Chapter are also included, along with the corresponding expenditure. The main example of this in the accounts is the stipends paid by the Church Commissioners. This income is shown as restricted, but as the income always matches the expenditure the balance at the year end is always nil.

Legacies

Legacies are accounted for when they are due. They are deemed to be due when the criteria of entitlement, probability and measurement have been met.

Grants receivable and payable

Grants are credited or charged on an accruals basis.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Support costs are those functions that assist the work of the cathedral but do not directly undertake either charitable or fundraising activities.

The notes form part of these financial statements

23

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

1 Accounting policies (continued)

Tangible fixed assets

Individual fixed assets costing £200 or more are capitalised at cost and depreciated over their useful economic lives on a straight line basis as follows: Motor vehicles 20% straight line Equipment 20% straight line

Buildings are not depreciated, as the Chapter has a policy and practice of regular maintenance of the property. Repairs are charged to the SOFA and the Chapter therefore considers that any depreciation charge would be immaterial.

The Fratry project buildings are included at fair value. No depreciation is charged on these assets. The fair value is determined by the value in use of the buildings, based on their service potential. As the buildings are expected to continue to meet their service potential for the foreseeable future, their value in use is reflected by the costs of construction of the buildings rather than the amount for which they can be sold in the market.

Heritage assets

Heritage assets include the cathedral and ancillary buildings and the items in the inventory prepared under section 24(1) of the Care of Cathedrals Measure 2011. No value has been attributed to these assets acquired before 31 December 2024, because information on their historical cost is not available.

Investment properties

Investment properties are included in the accounts at fair value. No depreciation is charged on investment properties in line with FRS 102.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price.

The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

The cathedral does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the cathedral is that of volatility in equity markets and investment markets due to wider economic conditions, the attitudes of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or subsectors.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The notes form part of these financial statements

24

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

Equity sharing loan

In 1988 the Church Commissioners granted an equity sharing loan to finance the cost of improvements to the Deanery. The capital value of the loan is expressed as a percentage of the value of the Deanery and is repayable only if the property is sold. Interest on the loan was initially set at 3% per annum, to be increased annually by no more than the movement in the retail price index for the preceding year.

Funds

The Chapter operates restricted, unrestricted, designated and permanent endowment funds. Restricted funds are those where the donor is specific as to the use to which the funds are to be put. The main restricted funds are the Fratry Fund, Cathedral Fabric Fund and the Music Fund. Smaller funds are set up when specific donations make this requirement.

Unrestricted funds are those where the Chapter is free to expend the funds in accordance with the constitution. Designated funds are those set aside for a specific purpose.

There are three permanent endowment funds. The first is in the form of a legacy received from the Reverend G S Bennett. This endowment may not be expended and the income is to be spent on the annual repair and maintenance of the Cathedral. This income is therefore restricted in use and is credited to the Cathedral Fabric Fund.

The second endowment fund consists of the Cathedral Endowment Fund. These assets were transferred to the Church Commissioners under Section 24 of the Cathedrals Measure 1963. These funds may in certain circumstances be expended, but the proceeds or any replacement asset would form part of the original endowment under the terms of section 23 of the Cathedrals Measure 1963. Income from this endowment is unrestricted in use.

The third endowment is the Cathedral Property Fund, which consists of the cathedral properties that are held within the cathedral precinct, aswell as the deanery loan.

Consolidation

The consolidated accounts include the accounts of the charity and subsidiary, Carlisle Cathedral Enterprises Limited, drawn up to 31 December 2024. Subsidiary undertakings are included using the acquisitions method of accounting.

The notes form part of these financial statements

25

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

2
Income
Donations and legacies
Collections
Visitor donations
Donations
Appeals and fundraising
Development Trust grants
Friends grants
Special events
Legacies
Grants receivable
Church Commissioners
Other revenue and capital grants
Trading and fundraising
activities
Visitor donations
Facility fees
Gross income from shop, café
and works department
Investments
Rental income
Investment income
Other
Other income
Total Income		 Restricted Unrestricted
Total
£
£
£
-
93,961
93,961
-
91,984
91,984
21,503
7,195
28,698
-
15,925
15,925
-
53,617
53,617
8,130
12,500
20,630
230
39,243
39,473
-
2,000
2,000
29,863
316,425
346,288
328,969
29,387
358,356
54,051
88,236
142,287
383,020
117,623
500,643
-
7,537
7,537
-
28,626
28,626
-
568,802
568,802
-
604,965
604,965
-
94,960
94,960
37,569
155,951
193,520
37,569
250,911
288,480
-
12,766
12,766
-
12,766
12,766
450,452
1,302,690
1,753,142
31.12.24		 Restricted Unrestricted
Total
£
£
£
-
96,210
96,210
-
81,420
81,420
12,670
3,191
15,861
-
20,351
20,351
3,968
49,460
53,428
9,401
22,500
31,901
150
25,711
25,861
-
285
285
26,189
299,128
325,317
256,702
65,875
322,577
53,113
92,300
145,413
309,815
158,175
467,990
-
5,748
5,748
-
24,509
24,509
-
528,447
528,447
-
558,704
558,704
-
83,326
83,326
34,838
132,342
167,180
34,838
215,668
250,506
-
11,709
11,709
-
11,709
11,709
370,842
1,243,384
1,614,226
31.12.23

The notes form part of these financial statements

26

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

3 Raising funds

General marketing costs
Investment management fees
Property repairs and maintenance
Cost of trading activities
Support costs		 Restricted
Unrestricted
Permanent
Total
£
£
£
£
4,023
9,564
-
13,587
232
1,751
1,603
3,586
-
5,426
-
5,426
8,913
455,170
-
464,083
14,981
91,857
-
106,838
28,149
563,768
1,603
593,520
31.12.24		 Restricted
Unrestricted
Total
£
£
£
7,711
1,514
9,225
-
-
-
-
3,577
3,577
-
431,772
431,772
22,852
81,552
104,404
30,563
518,415
548,978
31.12.23

Investment management fees include fees paid to Rathbones this year, these were previously included in support costs.

4 Expenditure on

Ministry
Clergy stipends and working expenses
Services, music and choir
Visitor services
Support costs
Cathedral and precincts upkeep
Major repairs and renovations
Maintenance and interior upkeep
Cathedral insurance
Vergers and interior upkeep
Precinct and grounds
Support costs
Education and outreach
Outward giving and education
Support costs
Other expenditure on mission
Interest payable
Other expenses
Total Expenditure		 Restricted
Unrestricted
Permanent
Total
£
£
£
£
188,452
1,859
-
190,311
45,952
126,398
-
172,350
-
-
-
-
15,336
81,191
-
96,527
249,740
209,448
-
459,188
25,840
8,880
-
34,720
27,955
70,192
-
98,147
-
59,439
-
59,439
31,662
116,914
-
148,576
-
32,539
-
32,539
18,192
83,761
-
101,953
103,649
371,725
-
475,374
2,784
7,243
-
10,027
3,569
18,882
22,451
6,353
26,125
-
32,478
-
4,465
4,465
4,577
5,203
9,780
4,577
9,668
-
14,245
392,468
1,180,734
1,603
1,574,805
31.12.24		 Restricted
Unrestricted
Total
£
£
£
113,203
41,806
155,009
44,828
114,905
159,733
-
52
52
22,484
73,255
95,739
180,515
230,018
410,533
28,923
6,446
35,369
16,347
63,654
80,001
-
57,126
57,126
46,264
95,363
141,627
-
5,590
5,590
26,954
80,643
107,597
118,488
308,822
427,310
567
15,968
16,535
5,465
17,808
23,273
6,032
33,776
39,808
-
4,341
4,341
22,821
20,602
43,423
22,821
24,943
47,764
358,419
1,115,974
1,474,393
31.12.23

The notes form part of these financial statements

27

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

5 Allocation of support costs

Direct
costs
£
Cost of raising funds
486,682
Ministry
362,661
Cathedral and precincts upkeep
373,421
Education and outreach
10,027
Other expenditure on mission
14,245
1,247,036
The following expenditure is included in support costs:
Auditors remuneration for:
Audit services
-
Other services
-
-		 31.12.24
Support
costs
£
106,838
96,527
101,953
22,451
-
327,769
12,500
7,885
20,385		 Total
£
593,520
459,188
475,374
32,478
14,245
1,574,805
12,500
7,885
20,385		 31.12.23
Total
£
548,978
410,533
427,310
39,808
47,765
1,474,394
10,990
41,427
52,417

Other services includes management accounts and VAT assistance.

6 Employees

Employee remuneration
Total gross salary and stipend cost
Apprenticeship levy
Employers national insurance
Employers pension contributions		 Restricted
£
248,714
449
13,996
33,043
296,202		 Unrestricted
£
316,630
-
10,912
22,853
350,395
31.12.24		 Total
£
565,344
449
24,908
55,896
646,597		 31.12.23
Total
£
692,896
292
51,534
49,826
794,548

The Church Commissioners finance directly the stipend, pension and associated employer's national insurance of the Dean and two Canons.

The remuneration of, and pension provision for, clerical members of the Chapter are paid in accordance with scales laid down annually by the Church Commissioners, the Archbishop's Council and the Church of England Pensions Board.

The remuneration and pension contributions of the residentiary members of the Chapter are set out below:

The Reverend Canon Michael Manley
The Reverend Canon Dr Benjamin Carter
The Very Reverend Jonathan Brewster
Total remuneration and pension
contributions		 Stipend
Pension
£
£
25,746
6,810
31,486
6,810
41,751
8,616
98,983
22,236
31.12.24		 Stipend
Pension
£
£
29,485
7,127
29,485
7,127
10,099
-
69,069
14,254
31.12.23

The notes form part of these financial statements

28

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

6 Employees, contd.

One employee received remuneration exceeding £60,000, including employers pension contributions.

The key management personnel of the charity comprises the Dean, Canon Warden, Canon Missioner, Chief Operating Officer, Head of Finance, Head of Fundraising, Head of Commercial Activity and the Dean's PA.

The total remuneration of key management personnel during the year was £309,079 (2023 - £240,694).

The total number of employees of the Cathedral during the year was as follows:

Clergy
Administration and office
Music
Works Department
Vergers
Carlisle Cathedral Enterprises		 31.12.24
3.0
11.0
8.0
2.0
3.0
19.0
46.0		 31.12.23
3.0
9.0
8.0
2.0
5.0
14.0
41.0

The full time equivalent number of staff during the year was as follows:

Clergy
Administration and office
Music
Works Department
Vergers
Carlisle Cathedral Enterprises		 31.12.24
3.00
7.53
4.09
1.25
3.00
9.57
28.44		 31.12.23
3.00
3.01
4.30
0.17
2.28
8.53
21.29

During the year expenses were reimbursed to three Chapter members as follows:

£6,701 (2023: £11,080) Travel, subsistence, office and entertaining

There were no additional payments made to Chapter members for additional work done over and above their normal duties during the year.

7 Heritage assets

As stated in the accounting policies, no value has been placed on the cathedral and ancillary buildings and the items in the inventory prepared under section 24(1) of the Care of Cathedrals Measure 2011.

The Care of Cathedrals Measure 2011 requires cathedrals to keep an inventory of all items considered to be of architectural, archaeological, artistic or historic interest in the possession of the cathedral church. No additions to the inventory in the last four years have met the definition of heritage asset and there have been no transactions involving heritage assets in the same time period.

The notes form part of these financial statements

29

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

8 Tangible fixed assets

Group
COST OR VALUATION
At 1 January 2024
Additions
Disposals
Transfers
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
Eliminated on disposals
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
Chapter
COST OR VALUATION
At 1 January 2024
Additions
Transfers
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
Eliminated on disposals
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Motor
Equipment
Land and
Fratry project
vehicles
buildings
buildings
£
£
£
£
8,097
263,415
1,633,000
3,516,172
-
48,163
-
-
-
(4,487)
-
-
-
-
70,000
-
8,097
307,091
1,703,000
3,516,172
(8,097)
(145,496)
-
-
-
(47,707)
-
-
-
4,487
-
-
(8,097)
(188,716)
-
-
-
118,375
1,703,000
3,516,172
-
117,919
1,633,000
3,516,172
Motor
Equipment
Land and
Fratry project
vehicles
buildings
buildings
£
£
£
£
8,097
235,548
1,633,000
3,516,172
-
47,529
-
-
-
-
70,000
-
8,097
283,077
1,703,000
3,516,172
(8,097)
(131,936)
-
-
-
(43,953)
-
-
-
-
-
-
(8,097)
(175,889)
-
-
-
107,188
1,703,000
3,516,172
-
103,612
1,633,000
3,516,172		 Total
£
5,420,684
48,163
(4,487)
70,000
5,534,360
(153,593)
(47,707)
4,487
(196,813)
5,337,547
5,267,091
Total
£
5,392,817
47,529
70,000
5,510,346
(140,033)
(43,953)
-
(183,986)
5,326,360
5,252,784

Non investment property is all freehold, and is carried in the accounts at valuation. The Fratry project buildings are held at fair value. The full accounting policy is disclosed on Page 24. All other fixed assets are carried at cost. Non investment property is split as follows:

For cathedral trading activities
For occupation by cathedral staff or used for worship,
educational or administrative purposes		 £
£
3,516,172
3,516,172
1,703,000
1,633,000
5,219,172
5,149,172

Land and buildings were revalued during the year ending 31 December 2010.

The transfer of £70,000 relates to the 10 garages previously held as investment properties.

The properties held as fixed assets are as follows: Deanery 7 The Abbey Priors Tower Stonemason's Yard 1 The Abbey Fratry 2a The Abbey Bishop Smith Registry 3 The Abbey Cathedral Café 5a The Abbey 10 garages

The notes form part of these financial statements

30

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

10 Investment property

VALUATION
Transfer
At 31 December 2024
At 1 January 2024		 Permanent
Total
Endowment
£
£
1,930,000
1,930,000
(70,000)
(70,000)
1,860,000
1,860,000

All investment properties are freehold. Investment properties were last valued during the year ended 31 December 2021 by D C Goodland FRICS IRRV of Walton Goodland (Chartered Surveyors.)

The transfer of £70,000 relates to the 10 garages previously held as investment properties, which has been moved to land and buildings.

The properties held as investment properties are as follows:

2 The Abbey 8 The Abbey
2b The Abbey 9 The Abbey
4 The Abbey 10 The Abbey
5b The Abbey The Lodge
5c The Abbey Prior Slee House
6 The Abbey

11 Investments

Market value
As at 1 January 2024
Revaluation
Additions
Disposals
Total Group investments at 31 December 2024
Carlisle Cathedral Enterprises Limited (an unlisted company)
100% of the issued ordinary share capital, at par
Total Chapter investments as at 31 December 2024		 31.12.24
31.12.23
£
£
3,320,571
3,344,003
47,620
(30,834)
86,039
13,738
(1,304,730)
(6,336)
2,149,500
3,320,571
7,000
7,000
2,156,500
3,327,571

The notes form part of these financial statements

31

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

12 Debtors

Group
Trade debtors
Prepayments and accrued income
Other debtors
Chapter
Trade debtors
Prepayments and accrued income
Other debtors
Amounts owed by connected entities		 Restricted
Unrestricted
Permanent
Endowment
Total
£
£
£
£
-
51,035
-
51,035
-
94,330
-
94,330
-
439
-
439
-
145,804
-
145,804
Restricted
Unrestricted
Permanent
Endowment
Total
£
£
£
£
-
67,562
-
67,562
-
239,196
-
239,196
-
239,196
-
239,196
-
31,800
-
31,800
-
577,754
-
577,754
31.12.24
31.12.24		 31.12.23
Total
£
45,018
80,463
1,297
126,778
31.12.23
Total
£
58,030
196,963
1,297
31,800
288,090

The amounts owed by connected entities comprise a loan to Carlisle Cathedral Enterprises Limited. The loan is interest free and has no fixed date for repayment. It is due in more than one year. No discounting has been applied to this balance because the time value of money would be immaterial. Trade debtors includes £19,200 due from Carlisle Cathedral Enterprises Limited (2023 - £17,023). Prepayments and accrued income include £147,284 due from Carlisle Cathedral Enterprises Limited (2023 - £118,021).

13 Cash held

Group
Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
Cash on hand
273,261
435,244
-
708,505
Cash held to be reinvested
154,877
663,366
432,407
1,250,650
428,138
1,098,610
432,407
1,959,155
Chapter
Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
Cash on hand
273,261
219,038
-
492,299
Cash held to be reinvested
154,877
663,366
432,407
1,250,650
428,138
882,404
432,407
1,742,949
Creditors: amounts falling due within one year
Group
Restricted
Unrestricted
Permanent
Endowment
Total
£
£
£
£
Trade creditors
-
110,354
-
110,354
Accruals and deferred income
232
95,034
1,603
96,869
Other taxes and social security
-
32,703
-
32,703
232
238,091
1,603
239,926
31.12.24
31.12.24
31.12.24		 31.12.23
Total
£
554,517
-
554,517
31.12.23
Total
£
395,790
-
395,790
31.12.23
Total
£
79,308
107,174
27,224
213,706

14 Creditors: amounts falling due within one year

The notes form part of these financial statements

32

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

14 Creditors: amounts falling due within one year

Chapter
Trade creditors
Accruals and deferred income		 Restricted
Unrestricted
Permanent
Endowment
Total
£
£
£
£
102,472
-
102,472
232
81,652
1,603
83,487
232
184,124
1,603
185,959
31.12.24		 31.12.23
Total
£
79,486
101,859
181,345

Trade creditors includes £10,249 due to Carlisle Cathedral Enterprises Limited (2023 - £12,952).

15 Creditors: amounts falling due after more than one year

The Deanery value linked loan 31.12.24
Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
-
-
79,550
79,550
-
-
79,550
79,550		 31.12.23
Total
£
79,550
79,550

The Deanery Loan was taken out in 1988 and is repayable if the charity sell the property (in which case the Church Commissioners are entitled to 37.02571% of the selling price less any selling costs as full settlement of the loan). If the charity wish to repay the loan, but not sell the property, then an independent valuation of the property’s open market value is required (in which case the Church Commissioners are entitled to 37.02571% of the valuation as full settlement of the loan).

16 Provisions for liabilities and charges

Group (Chapter - Nil)

Deferred tax Restricted
Unrestricted
Permanent
Total
£
£
Endowment
£
£
-
2,698
-
2,698
-
2,698
-
2,698
31.12.24		 31.12.23
Total
£
3,518
3,518

The notes form part of these financial statements

33

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

17
Funds
Group
Designated funds
Emergency Fabric Works
LED Project
General funds
Common Fund
Bequest Fund
Bequest Fund - Abbey
Properties
Restricted funds
Cathedral Fabric Fund
Other funds
Music Fund
Brown and Ford Prize Fund
Chapter Discretionary Fund
Church Commissioners
Jack Dix Local Mission Fund
Other Restricted Funds
LED Project
Cumbria Journey
Fratry Green Room
Priors Tower
Sensory Trail
Christmas Tree Project
Whitelaw Fund
Fratry Project
Capital Endowment Funds
Rev. G Bennett Estate
Cathedral Endowment
Cathedral Property fund
Total Funds		 1.1.24
Income
Expenditure
Re-
valuations
Transfers
31.12.24
£
£
£
£
£
-
-
-
-
90,000
90,000
-
-
-
-
20,000
20,000
-
-
-
-
110,000
110,000
756,171
1,291,886
(1,179,509)
4,504
(64,572)
808,480
825,683
2,000
(521)
3,700
-
830,862
179,066
8,804
(704)
4,364
-
191,530
1,760,920
1,302,690
(1,180,734)
12,568
(64,572)
1,830,872
207,235
43,120
-
314
-
250,669
215,506
1,875
(1,174)
1,047
-
217,254
1,427
-
-
33
-
1,460
37,396
4,375
-
-
-
41,771
-
328,969
(328,969)
-
-
-
8,721
230
(2,784)
-
-
6,167
1,818
2,348
-
-
-
4,166
-
2,500
(8,125)
-
-
(5,625)
-
11,403
(11,403)
-
-
-
-
45,781
(406)
-
(45,375)
-
-
2,491
(2,491)
-
-
-
-
350
(297)
-
(53)
-
-
4,172
(4,172)
-
-
-
4,216
231
-
-
-
4,447
71,147
2,607
(32,647)
-
41,107
547,466
450,452
(392,468)
1,394
(45,428)
561,416
585,840
-
(842)
9,150
-
594,148
1,039,492
-
(761)
24,508
-
1,063,239
6,999,622
-
-
-
-
6,999,622
8,624,954
-
(1,603)
33,658
-
8,657,009
10,933,340
1,753,142
(1,574,805)
47,620
- 11,159,297

Designated Funds

General Funds

Restricted funds

The notes form part of these financial statements

34

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

17 Funds (continued)

Capital Endowment Funds

. - The Cathedral Endowment Fund was set up to provide income to support the general running of the Cathedral. Income received is credited to the Common Fund.

The notes form part of these financial statements

35

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

17 Funds (continued)

Comparative funds
Funds
Group
General funds
Common Fund
Bequest Fund
Bequest Fund - Abbey
Properties
Restricted funds
Cathedral Fabric Fund
Other funds
Music Fund
Brown and Ford Prize Fund
Chapter Discretionary Fund
Church Commissioners
Jack Dix Local Mission Fund
Other Restricted Funds
Clock Fund
Cumbria Journey
Hedge Fund
Whitelaw Fund
Fratry Project
Capital Endowment Funds
Rev. G Bennett Estate
Cathedral Endowment
Cathedral Property fund
Total Funds		 1.1.23
Income
Expenditure
Re-valuations
Transfers
31.12.23
£
£
£
£
£
576,060
1,234,094
(1,109,160)
(8,600)
63,777
756,171
830,437
285
-
(5,039)
-
825,683
176,287
9,005
(6,814)
588
-
179,066
1,582,784
1,243,384
(1,115,974)
(13,051)
63,777
1,760,920
165,400
40,655
-
1,180
-
207,235
214,164
-
(1,978)
3,320
215,506
1,305
-
-
122
-
1,427
-
-
-
-
37,396
37,396
-
256,702
(256,702)
-
-
-
9,053
150
(482)
-
-
8,721
50,099
2,390
(572)
-
(50,099)
1,818
-
15,276
(17,204)
-
1,928
-
-
4,677
(4,881)
-
204
-
-
1,090
(1,090)
-
-
-
4,001
215
-
-
-
4,216
155,474
49,687
(77,488)
-
(56,526)
71,147
599,496
370,842
(358,419)
(676)
(63,777)
547,466
593,463
-
-
(7,623)
-
585,840
1,048,976
-
-
(9,484)
-
1,039,492
6,999,622
-
-
-
-
6,999,622
8,642,061
-
-
(17,107)
-
8,624,954
10,824,341
1,614,226
(1,474,393)
(30,834)
- 10,933,340

The notes form part of these financial statements

36

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

17 Funds (continued)

Transfers

A transfer of £45,391 from the Fratry Green Room Fund related to a number of items capitalised in the year and therefore moved to the Common Fund.

An addtional transfer from the Common Fund to the Fratry Green Room Fund of £16 and from the Sensory Trail to Common Fund of £53 were to cover remaining deficits and surpluses as the projects had been completed.

Chapter
Designated funds
Emergency Fabric Works
LED Project
General funds
Common Fund
Bequest Fund
Bequest Fund - Abbey
Properties
Restricted funds
Cathedral Fabric Fund
Other funds
Music Fund
Brown and Ford Prize Fund
Chapter Discretionary Fund
Church Commissioners
Jack Dix Local Mission Fund
Other Restricted Funds
LED Project
Cumbria Journey
Fratry Green Room
Priors Tower Refurbishment
Sensory Trail
Christmas Tree Project
Whitelaw Fund
Fratry Project
Capital Endowment Funds
Rev. G Bennett Estate
Cathedral Endowment
Cathedral Property fund
Total Funds		 1.1.24
Income
Expenditure Re-valuations
Transfers
31.12.24
£
£
£
£
£
-
-
-
-
90,000
90,000
-
-
-
-
20,000
20,000
-
-
-
-
110,000
110,000
756,171
890,967
(778,590)
4,504
(64,572)
808,480
825,683
2,000
(521)
3,700
-
830,862
179,066
8,804
(704)
4,364
-
191,530
1,760,920
901,771
(779,815)
12,568
(64,572)
1,830,872
207,235
43,120
-
314
-
250,669
215,506
1,875
(1,174)
1,047
-
217,254
1,427
-
-
33
-
1,460
37,396
4,375
-
-
-
41,771
-
328,969
(328,969)
-
-
-
8,721
230
(2,784)
-
-
6,167
1,818
2,348
-
-
-
4,166
-
2,500
(8,125)
-
-
(5,625)
-
11,403
(11,403)
-
-
-
-
45,781
(406)
-
(45,375)
-
-
2,491
(2,491)
-
-
-
-
350
(297)
-
(53)
-
-
4,172
(4,172)
-
-
-
4,216
231
-
-
-
4,447
71,147
2,607
(32,647)
-
-
41,107
547,466
450,452
(392,468)
1,394
(45,428)
561,416
585,840
-
(842)
9,150
-
594,148
1,039,492
-
(761)
24,508
-
1,063,239
6,999,622
-
-
-
-
6,999,622
8,624,954
-
(1,603)
33,658
-
8,657,009
10,933,340
1,352,223
(1,173,886)
47,620
- 11,159,297

The notes form part of these financial statements

37

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

17 Funds (continued)

Comparative funds
Chapter
General funds
Common Fund
Bequest Fund
Bequest Fund - Abbey Properties
Restricted funds
Cathedral Fabric Fund
Other funds
Music Fund
Brown and Ford Prize Fund
Chapter Discretionery Fund
Church Commissioners
Jack Dix Local Mission Fund
Other Restricted Funds
Other Unrestricted Funds
Cumbria Journey
Hedge Fund
Whitelaw Fund
Fratry Project
Capital Endowment Funds
Rev. G Bennett Estate
Cathedral Endowment
Cathedral Property fund
Total Funds		 1.1.23
Income
Expenditure
Re-valuations
Transfers
31.12.23
£
£
£
£
£
575,396
832,813
(707,215)
(8,600)
63,777
756,171
830,437
285
-
(5,039)
-
825,683
176,287
9,005
(6,814)
588
-
179,066
1,582,120
842,103
(714,029)
(13,051)
63,777
1,760,920
165,400
40,655
-
1,180
-
207,235
214,164
-
-
(1,978)
3,320
215,506
1,305
-
-
122
-
1,427
-
-
-
-
37,396
37,396
-
256,702
(256,702)
-
-
-
9,053
150
(482)
-
-
8,721
50,099
2,390
(572)
-
(50,099)
1,818
-
-
-
-
-
-
-
4,677
(4,881)
-
204
-
-
1,090
(1,090)
-
-
-
4,001
215
-
-
-
4,216
155,474
49,687
(77,488)
-
(56,526)
71,147
599,496
370,842
(358,419)
(676)
(63,777)
547,466
593,463
-
-
(7,623)
-
585,840
1,048,976
-
-
(9,484)
-
1,039,492
6,999,622
-
-
-
-
6,999,622
8,642,061
-
-
(17,107)
-
8,624,954
10,823,677
1,212,945
(1,072,448)
(30,834)
- 10,933,340

The notes form part of these financial statements

38

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

18 Net assets by fund

Group
Tangible fixed assets
Investment property
Investments
Current Assets
Creditors:
amounts due within one year
Creditors:
amounts due after one year
Total net assets
Chapter
Tangible fixed assets
Investment property
Investments
Current Assets
Creditors:
amounts due within one year
Creditors:
amounts due after one year
Total net assets		 Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
-
118,375
5,219,172
5,337,547
-
-
1,860,000
1,860,000
133,510
789,407
1,226,583
2,149,500
428,138
1,273,879
432,407
2,134,424
(232)
(238,091)
(1,603)
(239,926)
-
(2,698)
(79,550)
(82,248)
561,416
1,940,872
8,657,009
11,159,297
Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
-
107,188
5,219,172
5,326,360
-
-
1,860,000
1,860,000
133,510
796,407
1,226,583
2,156,500
428,138
1,221,401
432,407
2,081,946
-
(232)
(184,124)
(1,603)
(185,959)
-
-
-
(79,550)
(79,550)
561,416
1,940,872
8,657,009
11,159,297

The notes form part of these financial statements

39

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

18 Net assets by fund

Comparative funds

Group

Tangible fixed assets
Investment property
Investments
Current Assets
Creditors: amounts due within one year
Creditors: amounts due after one year
Total net assets
Chapter
Tangible fixed assets
Investment property
Investments
Current Assets
Creditors: amounts due within one year
Creditors: amounts due after one year
Total net assets		 Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
-
117,919
5,149,172
5,267,091
-
-
1,930,000
1,930,000
325,820
1,369,419
1,625,332
3,320,571
221,733
490,719
-
712,452
(87)
(213,619)
-
(213,706)
-
(3,518)
(79,550)
(83,068)
547,466
1,760,920
8,624,954
10,933,340
Restricted
Unrestricted
Permanent
Total
Endowment
£
£
£
£
-
103,612
5,149,172
5,252,784
-
-
1,930,000
1,930,000
325,820
1,376,419
1,625,332
3,327,571
221,733
462,147
-
683,880
(87)
(181,258)
-
(181,345)
-
-
(79,550)
(79,550)
547,466
1,760,920
8,624,954
10,933,340

19 Ultimate controlling party

The activities of the Cathedral are controlled by the Trustees.

The notes form part of these financial statements

40

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

20 Related party transactions

The Friends of Carlisle Cathedral and Carlisle Cathedral Development Trust are not controlled by the Trustees but are wholly for the benefit of the Cathedral. Income receivable from these entities is included in the financial statements.

Grants of £20,630 were receivable from the Friends of Carlisle Cathedral during the year (2023 - £31,901) of which £2,315 was outstanding at the year end (2023 - £nil). Further grants of £56,225 were receivable from Carlisle Cathedral Development Trust (2023 - £53,428), of which £2,696 was outstanding at the year end (2023 - £8,059).

The Friends of Carlisle Cathedral purchased services of £48 (2023 - £286) from the Cathedral during the year for printing works.

Carlisle Cathedral Development Trust is a charity controlled by its board of trustees which must include one executive member of the Chapter and one non-executive member of the chapter. In consequence Carlisle Cathedral Development Trust is a related party.

During the year Carlisle Cathedral Development Trust rented property to the charity, rent and utilities totalling £22,837 were paid in the year (2023 - £25,416).

There was £1,375 received from trustees of the charity (2023: £1,825) through regular giving and one-off donations.

The following extracts are taken from the audited financial statements of the Friends of Carlisle Cathedral and the Carlisle Cathedral Development Trust. Both organisations received unqualified audit reports.

Summarised financial statements

Summarised financial statements
Friends of Carlisle Cathedral
Carlisle Cathedral Development Trust
2024 2023 2024 2023
£ £ £ £
Total incoming resources 35,449 36,083 80,144 83,982
Net movement on funds 11,910 6,742 34,081 17,922
Gross assets 658,266 642,705 1,447,568 1,418,203
Net assets 649,997 638,087 1,438,725 1,404,644

At the year end, the charity owned one trading subsidiary - Carlisle Cathedral Enterprises Limited. The amounts owed between these two parties is set out in notes 12 and 14.

During the year, the charity bought goods and services totalling £34,302 from the Enterprise Company on normal commercial terms (2023 - £29,827). The charity also supplied goods and services totalling £77,247 to the Enterprise Company (2023 - £55,933). The Enterprise Company also made a donation in the year to the charity of £147,284 (2023 - £118,021).

The notes form part of these financial statements

41

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

21 Pension contributions

Carlisle Dean & Chapter (DBS) participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.

CWPF has two sections:

2.the Pension Builder Scheme, which has two subsections; a.a deferred annuity section known as Pension Builder Classic, and,

Defined Benefits Scheme

The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries.

For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.

The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. This does not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme. The pensions costs charged to the SoFA during the year are contributions payable towards benefits and expenses accrued in that year (2024: £33,660, 2023: £24,908).

If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board having taken advice from the Actuary.

A valuation of DBS is carried out once every three years. The most recently finalised valuation was carried out as at 31 December 2022. The overall surplus in DBS was £73.6m.

The next actuarial valuation is due at 31 December 2025.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

The notes form part of these financial statements

42

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

21 Pension contributions (continued)

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder Classic section, the 2022 valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the 2022 valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The next valuation is due as at 31 December 2025.

The legal structure of the scheme is such that if another employer fails, Carlisle Cathedral could become responsible for paying a share of the failed employer's pension liabilities.

22 Operating leases

Future minimum lease payments:

Expiry of lease:
Land & buildings
Not later than one year
Later than one year and not later than five years
Later than five years
Other
Not later than one year
Later than one year and not later than five years		 31.12.24
£
19,500
97,500
32,500
-
-		 31.12.23
£
19,500
97,500
52,000
1,504
675

The notes form part of these financial statements

43

Cathedral Church of the Holy and Undivided Trinity of Carlisle

Notes to the Financial Statements for the year ended 31 December 2024

23 Reconciliation of net movement in funds to net cash flow from operating activities

31.12.24 31.12.23
£ £
Net income/(expenditure) for the reporting period (as 225,957 108,999
per the statement of financial activities)
Adjustments for:
Depreciation charges 47,707 40,328
Gains/(Losses) on investments (47,620) 30,834
Dividends, interest and rents from investments (288,480) (250,506)
(Increase)/decrease in stock 1,692 (3,867)
(Increase)/decrease in debtors (19,024) 47,844
Increase/(decrease) in creditors 25,399 15,833
Net cash provided by (used in) operating activities (54,369) (10,535)

The notes form part of these financial statements

44